I think it's about a boy and a girl, the girl doesn't want to be seen with the boy or something because he can't dance well. "Keeping up with the joneses" and "Climb to the top" means that she tries to be as good as the other girls which have nice boyfriends. And her boyfriend isn't as good as theirs because he can't dance or sing. The guy is "tired of waiting" because the girl never wants to dance with him, and he "know's it's pointless" waiting for her to dance.
"We're clocking in to watch our fate come crashing down" means to me that it's only a matter of time before they break up.
Anyways it's a great song (: